Cryptos Surge As Stocks Soar

Cryptocurrencies leaped on Friday tracking the broad-based recovery in the global stock markets. Equities rose as a cut in the Loan Prime Rate by China bolstered hopes of a quick economic recovery. Overall crypto market capitalization increased to $1.30 trillion, versus $1.25 trillion early on Thursday.

Bitcoin is trading 4 percent higher at $30,303.83. The lead crypto currency has surged almost 15 percent from the low of $26,350 touched on May 12. BTC has touched a 24-hour high of $30,664.98.

Ether is trading at $2,042.97, after having gained 5.6 percent in the past 24 hours.

Reports that the Ropsten public testnet is scheduled for the “Merge” next month has added to the enthusiasm. Transitioning the current Proof-of-Work (PoW) chain to a Proof-of-Stake (PoS) system has been a keenly awaited event as it is seen heralding a more sustainable, environment- friendly and scalable future. Cointelegraph has reported that Preston Van Loon, a core developer of the Ethereum network, told attendees at the Permissionless conference that the transition, known as the Merge, would occur sometime in August.

3rd ranked Tether (USDT), the top-ranked stablecoin, traded between $0.9987 and $0.9993. Tether’s market capitalization is currently at $74 billion versus $83 billion, a month ago.

Stablecoin USD Coin (USDC), ranked 4th overall, traded between $0.9998 and $1.00. USDC currently enjoys a market cap of $53 billion, versus $50 billion, a month ago.

5th ranked BNB is trading at $309.51, having gained more than 4 percent in the past 24 hours. It has also entered the green zone on a weekly basis.

6th ranked XRP also gained more than 6 percent overnight and is trading at $0.4283.
Stablecoin Binance USD (BUSD) ranked 7th overall traded between $0.999 and $1.00 in the past 24 hours. It is currently trading at $1.00.

8th ranked Cardano (ADA) has gained 4.8 percent overnight to trade at $0.5376.
9th ranked Solana (SOL) is trading at $53.01, after gaining more than 8 percent from the levels a day ago.

10th ranked Dogecoin (DOGE) has gained 3.8 percent overnight to trade at $0.087.

Down the hierarchy, 23rd ranked Uniswap (UNI), 25th ranked Cosmos (ATOM), 28th ranked Monero (XMR), 34th ranked Decentraland (MANA), 39th ranked The SandBox (SAND), 47th ranked Aave (AAVE), 61st ranked Fantom (FTM), 65th ranked Chiliz (CHZ), 71st ranked Zilliqa (ZIL), 80th ranked Harmony (ONE), and 90th ranked Kava (KAVA) have all surged more than 10 percent in the past 24 hours.

92nd ranked Kyber Network Crystal v2 (KNC) has surged close to 31 percent whereas 100th ranked Ox (ZRX) has surged 24 percent.

TerraUSD (UST) is currently trading at $0.0813, down close to 10 percent on an overnight basis. Terra (LUNA) is now trading at $0.00014, up 1 percent on an overnight basis and ranked 213 overall.

Meanwhile, Reuters has reported that world leaders have called for a swift and comprehensive regulation of cryptocurrencies. The G7 has urged the Financial Stability Board to advance the swift development and implementation of consistent and comprehensive regulation.

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